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EGB Supply

EUROZONE ISSUANCE

France is due to issue today and Belgium tomorrow while Italy, the EU, The Netherlands and Germany have already held auctions this week. As expected, the syndication schedule slowed down again given the Mayday / bank holiday across much of Europe. We pencil in estimated gross issuance for the week at E32.9bln.

  • This morning, France will look to hold a LT OAT auction with E10.5-12.0bln on offer. On offer will be the on-the-run 10-year 3.50% Nov-33 OAT (ISIN: FR001400L834), the off-the-run 1.25% May-34 OAT (ISIN: FR0013313582), the on-the-run 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the on-the-run 30-year 3.25% May-55 OAT (ISIN: FR001400OHF4).
  • Belgium will look to complete issuance for the week tomorrow with an ORI operation. Details will be confirmed this afternoon, but we pencil in a transaction size of E500mln.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240501.pdf

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